Moving welfare recipients into the workforce is a great idea, but it will only happen if jobs and job training are available to replace the dole.

To their credit, leaders from private industry are stepping forward to help in the welfare-to-work effort. Chief among them are officers of United Airlines, Sprint, Monsanto, Burger King and United Parcel Service.

These corporations were singled out by President Bill Clinton during last week's State of the Union message for showing a real interest in addressing the welfare-to-work issue. Top executives will be meeting in the next couple of weeks to discuss private sector involvement in creating jobs for current welfare recipients.

The executives' penchant for planning and cost-effective use of employees could prove invaluable in developing a welfare-to-work strategic plan that can win widespread support in the private sector.

The most important welfare-to-work program, however, is an expanding economy.

So far, President Clinton has shown himself to be a good economic steward. He has demonstrated solid business sense in taking steps to narrow the deficit and to expand free trade.

He's also been using his bully pulpit to argue against an increase in interest rates by the Federal Reserve Board. An interest rate hike would slow the economy, and push up unemployment.

The nation currently enjoys a low unemployment rate of about 5.4 percent. Many economists view the tight job market as inflationary. But there have been few signs of accelerating inflation, and it would be a mistake at this point for the Fed to launch a pre-emptive strike against inflation by raising interest rates.

Continuing job growth is vital to moving people from welfare to work. If the president wants to really help the business executives in their effort, he should take his economic stewardship to another level and support an across the board reduction in the capital gains tax rate. This would stimulate investment in the American economy and add to the nation's economic health.

The president has said that unlike a lot of other Democrats, he is not opposed philosophically to a capital gains tax reduction. He can show his support for the nation's poor by shifting from passive, non-opposition to active support of such a measure.